Azora Private Completes $84M in Miami Deals, Selling Coconut Grove Office for $62.3M and Acquiring Coral Gables Retail for $22.2M
MIAMI — Azora Private, the private investor platform established by Azora in 2025, has closed two transactions in Miami totaling more than $84 million, selling a Coconut Grove office building for $62.3 million and acquiring a Coral Gables retail property for $22.2 million in deals announced Sept. 8, 2026.
Continental Plaza Sale: A Rapid Value-Add Exit in Coconut Grove
The larger of the two transactions is the disposition of Continental Plaza, a five-story boutique office building at 3250 Mary St. in Coconut Grove, Miami-Dade County. Azora Private sold the asset to a real estate developer for $62.3 million after acquiring it for $47.5 million roughly 10 to 11 months earlier, generating an implied gain of approximately $14.8 million on the hold.
The building comprises approximately 80,380 square feet of rentable office space on a 1.64-acre site, placing the exit price at roughly $775 per square foot. The property, originally completed in 1982, had been marketed as a multi-tenant boutique office asset with suites ranging from approximately 1,000 to 5,900 square feet. Tenants at the building included Cassel Salpeter, which signed a long-term lease for 4,141 square feet at the property after relocating from Brickell.
During its ownership, Azora Private conducted an extensive zoning study and engaged local authorities to leverage Florida's Live Local Act, increasing the site's development potential from 8 to 20 stories. That regulatory groundwork underpinned the sale to a developer who plans to build a high-end residential project on what the firm described as one of the last remaining core parcels in Coconut Grove, situated two blocks from the Four Seasons Residences development and along one of the area's main thoroughfares.
The Continental Plaza sale is a selective disposition from a broader Coconut Grove office strategy. Azora Private's holdings in the submarket also include a property at 3225 Aviation Avenue, a seven-story building of approximately 55,000 square feet acquired for $34 million, and a five-story boutique office at 3480 Main Highway acquired for $61 million. The 3225 Aviation and 3250 Mary Street assets were acquired together in a combined $82 million transaction in 2025.
Santona Corner Acquisition: Retail Bet on a High-Traffic Coral Gables Corridor
Simultaneously, Azora Private acquired Santona Corner, a retail property in Coral Gables, for $22.2 million through a club-deal structure with a select group of investors. The property is located along one of Miami's busiest retail corridors on US-1, with more than 80,000 vehicles passing daily, and sits 0.3 miles from the University of Miami campus.
Azora cited ongoing urban transformation in the surrounding area, noting several residential and student housing developments underway within one mile of the asset, as a basis for medium-term rental growth expectations at the property.
Azora Private's U.S. Strategy
The two transactions were executed through separate investment vehicles and reflect what Azora describes as a portfolio build-up, management, and rotation strategy focused on higher value-add opportunities in primary U.S. markets. Azora currently manages approximately $5 billion in U.S. assets across office, retail, logistics, and residential property types.
Azora established Azora Private in 2025 with the stated goal of expanding its reach and building a global platform for managing private investors.
"Through these transactions, Azora Private is advancing the execution of its portfolio build-up, management and rotation strategy, strengthening its position as a specialised real estate asset manager in primary U.S. markets while decisively moving towards higher value-add strategies for its investors," said Ignacio Gil-Casares, Partner at Azora Private.
Market Context
The Continental Plaza exit illustrates the growing intersection of office repositioning and residential development pressure in Coconut Grove, where land-constrained conditions and the Florida Live Local Act have created a pathway for developers to pursue higher-density residential projects on sites previously occupied by low-rise commercial buildings. The Santona Corner acquisition positions Azora Private in a retail corridor benefiting from proximity to a major university and a pipeline of nearby residential density that could support tenant demand over the medium term.
Sources
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